From the President

The mammoth world with all its beautiful bounties, geographical riches, scientific innovations, exotic cultures and vast army of extraordinary human capital is one large family interconnected with the common goal for global health, peace, prosperity and progress. The present global challenges emanating from pandemic have only enhanced the need for global interdependence to address issues and identify solutions. After all, global problems require global solutions. Various countries in the world are working to find solution to the virus in the form of vaccine and ways to produce it in a scale that is unprecedented. India is being looked at as a mass manufacturer of vaccine by many. India has resources to meet the expectations. This is notwithstanding our own efforts to make vaccine and it is heartening that one of it has already entered the trial stage. United by integrated efforts and parallel objectives, the global world today is a true reflection of the ages-old Indian philosophy of Vasudhaiva Kutumbakam reflecting Indian ethos that the world is one family ........ Read more

EDITORIAL

REPORT - CA DAY

• Our Industrious CA community has a major role to play in ensuring a healthy and transparent economy. Their services to the nation are deeply valued. Greetings on Chartered Accountants Day: PM - Editorial Board Secretariat of ICAI
• Masterstroke - ICAI Past Presidents Speak
• CA My Passion - Success Stories of Achievers of Profession

KNOW YOUR ETHICS

ICAI IN ACTION

ACCOUNTANT'S BROWSER

IND AS ALERT

NATIONAL UPDATE

INTERNATIONAL UPDATE

ICAI IN MEDIA

ARTICLES

DISCIPLINARY UPDATE

• ICAI - A Regulator Committed to Strong Ethical Values - ICAI's Disciplinary Directorate with Support from Editorial Board Secretariat of ICAI

AATMANIRBHAR BHARAT

• Rebooting MSMEs in the COVID-19 Era - MSME Business Continuity Checklist
• Making of Aatmanirbhar Bharat- Role of Banking Industry - Rajkiran Rai G.
• Stimulate Growth through Direct Tax - Direct Taxes Committee of ICAI
• Accounting and Finance Services as Champion Sector - CA. Hans Raj Chugh & CA. Monika Jain
• A Mighty Five Road to Aatmanirbhar Bharat - Manas Chugh

CORPORATE GOVERNANCE

• Revisiting Boardroom Priorities During COVID-19 Crisis - Dr. Rajashri Chatterjee & Dr. Debdas Rakshi

COMPETITION

• Competition in Times of Pandemic and its Aftermath - CA. Akshata Kapadia

CAPITAL MARKET

• Buyback of Shares - A Capital Allocation Tool - CA. Samir Mogul & Isha Mogul

TAXATION

• Taxation of Start-ups - An Emerging Sector in India - CA. G. Lakshmi Priyadarshini

INTERNATIONAL TAXATION

• Indian Subsidiary Company Abroad: What You Need to Know - CA. Rudri Mehta
• The Modified Scope of "Residence in India" - An Analysis - CA. Vinit K. Gala

LEGAL DECISIONS

INCOME TAX

• V.V. Minerals Vs. PCIT, [Madras High Court: W.A. (MD) NO.417 of 2020 and C.M.P. (MD) Nos.2831 and 3158 of 2020], 30/06/2020- LD/69/15
• Satyam Computer Services Ltd. Vs. DCIT, [ITAT Mumbai: ITA Nos. 7319/2016 & 4909/ MUM/2017], 30/06/2020- LD/69/16
• Flutura Business Solutions (P.) Ltd. Vs. ITO, [ITAT Bangalore: ITA Nos. 3404/ BANG/2018, 30/06/2020- LD/69/17
• Anil Abhubhai Odedara Vs. Invome Tax Office, [ITAT Rajkot: ITA Nos. 141/RJT/2018], 29/06/2020-, LD/69/18
• Bhavesh Valjibhai Maraviya Vs. ITO, [ITAT Rajkot: ITA Nos. 335/RJT./2018], 29/06/2020- LD/69/19
• Chandrashekar Naganagouda Patil Vs. DCIT, [ITAT Bangalore: ITA Nos. 1984/BANG/2017], 29/06/2020- LD/69/20
• Equity Intelligence India (P.) Ltd. Vs. Deputy Commissioner of Income Tax, [Kerala High Court: WP(C).No.10002/2020 (A)], 29/06/2020- LD/69/21
• Kuber Builders Vs. UoI], [Bombay High Court: WP NO. 2005/2001], 26/06/2020]- LD/69/22

GST

• M/s SRK Creatives Private Limited Vs. Commissioner Central Tax and GST Thane, [2020-TIOL-872-CESTAT-MUM], 11/02/2020- LD/69/23

SERVICE TAX

• Commissioner of Service Tax Vs. M/S Repco Home Finance Ltd., [2020-TIOL1039-CESTAT-MAD-LB], 08/06/2020, - LD/69/24
• M/s South Indian Bank South Indian Bank House T B Road, Mission Quarters Thrissur-680001 Vs. Commissioner of Customs Central Excise and Service TaxCalicut Central Revenue Building, Mananchira Kozhikode, [CALICUT-673001, KERALA 2020-TIOL861-CESTAT-BANG-LB], 20/03/2020 - LD/69/25
• M/s Marine Container Services South Pvt Ltd Vs. Commissioner of Central Excise Tirunelveli, [CESTAT SOUTH ZONAL BENCH CHENNAI 2020-TIOL-871-CESTAT-MAD], 17/01/2019 - LD/69/26

DISCIPLINARY CASE

• Wrong disclosure of unsecured loan amounts by Respondent-auditor in the Balance Sheet of Company -Held, Respondent guilty of Professional Misconduct under Clause (7) of Part I of the Second Schedule to the Chartered Accountants Act, 1949.

CIRCULARS AND NOTIFICATIONS

DIRECT TAXES

GST

CUSTOMS

MCA

SEBI

FEMA

ICAI NEWS & CLASSIFIEDS

Opinion

• Accounting Treatment of Certain Indirect Administrative Overheads Incurred During Construction Phase of the Power Plant